OREANDA-NEWS. July 26, 2011. In the first half –year the International Bank of Azerbaijan (IBA) has managed to attract funds from foreign sources (banks and investment funds) worth about USD 250 million, reported the press-centre of IBA.

In February 2011, the IBA signed an agreement witg Deutsche Bank to raise funds in the amount of USD 50 million for the period of two years. Only from a variety of foreign funds we managed to raise more than USD 60 million. Also we attracted more than 100 million dollars from banks such as "Societe Generale", "VTB - France", "Amsterdam Trade Bank" and "Demir Halk Bank".

Also, for the first time in the history of Azerbaijan, it was possible to arrange a deal with the use of precious metal (gold) to raise funds in excess of USD 30 million through the structured finance instruments.

"Given the shortage of available funds on international financial markets, the IBA managed to attract most of the noted funds for the period exceeding one year, which, along with other aspects, is an irrefutable proof of a qualitatively new level of development of its international relations, the growth of confidence and high interest of foreign investors in the Azerbaijani bank", - the bank said.

At the same time, the IBA provides timely repayment of foreign loans made to them, that in modern conditions is extremely important. In 2008-2009, the total amount of repayments was more than one billion dollars, in 2010 -172.66 million and 31.5 million euros. Within six months of this year, the bank repaid foreign debts amounting to 302.265.369 dollars and 27.5 million euros.

The IBA today finances dozens of projects aimed at ensuring the modernization of Azerbaijan's economy. These are projects in the field of innovation, industry, construction, electricity. The Bank, in particular, funded projects to develop wind energy in the country, create the infrastructure for mobile communications, develop the metallurgical industry, agriculture and various industrial enterprises, and it continues to work actively in this direction.

The International Bank of Azerbaijan was established in 1992 as a successor of the Azerbaijani branch of "Vnesheconombank". The IBA holds a dominant position in the banking sector. The state share in the charter capital of the bank is 50.2 percent share and the rest are distributed among private individuals and legal entities.